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☆ Live updates: Russia's war in Ukraine, losses in Bakhmut
▼ + stars: | 2023-07-26 | by ( Chris Lau | ) edition.cnn.com time to read: +1 min

Catherine Ivill/Getty Images/FILEWhen Russia launched its full-scale invasion of Ukraine in February 2022, a slew of Western companies left in protest. But some of the world’s biggest firms — including Nestlé, Heineken and snack maker Mondelez — stayed put. Companies now find themselves caught between Western sanctions and public outrage on the one hand, and an increasingly hostile Russian government on the other. The Kremlin is making it more difficult for Western firms to sell their Russian assets — and imposing steep discounts and punitive taxes when they do. “Western companies are now caught between a rock and a hard place.”Read the full story here.

Persons: Telia Parken, Catherine Ivill, —, Vladimir Putin, Carlsberg, Maria Shagina, ” Organizations: Carlsberg, UEFA Europa, FC Kobenhavn, Celtic FC, Telia, Nestlé, Heineken, Companies, Danone, Breweries, International Institute for Strategic Studies, CNN Locations: Copenhagen, Denmark, Russia, Ukraine

☆ Why are so many Western firms staying put in Russia, despite the rising risks?
▼ + stars: | 2023-07-26 | by ( Hanna Ziady | ) edition.cnn.com time to read: +6 min

London CNN —When Russia launched its full-scale invasion of Ukraine in February 2022, a slew of Western companies left in protest. Companies now find themselves caught between Western sanctions and public outrage on the one hand, and an increasingly hostile Russian government on the other. The Kremlin is making it more difficult for Western firms to sell their Russian assets — and imposing steep discounts and punitive taxes when they do. Both companies had been finalizing sales to local buyers when President Vladimir Putin signed an order nationalizing their local assets earlier this month. Spurred by sweeping Western sanctions, oil companies, automakers, technology firms, consultancies and banks led the initial wave of departures.

Persons: —, Vladimir Putin, Carlsberg, Maria Shagina, Andrey Rudakov, Konstantin Zavrazhin, Hein Schumacher, Schumacher, ”, ” Procter, Gamble, ” Mondelez, Fortum Oyj, Jeffrey Sonnenfeld, ” Sonnenfeld, — Olesya Dmitracova Organizations: London CNN, Nestlé, Heineken, Companies, Danone, Carlsberg, Breweries, International Institute for Strategic Studies, CNN, Bloomberg, Getty, Yale University, Yale, Unilever, UL, Procter, Gamble, Treasury, Foreign, Control, Carlsberg — Locations: Russia, Ukraine, Lyubuchany, Rosneft, Moscow, Russian

☆ Advocates hoping for domestic dividend from Women's World Cup
▼ + stars: | 2023-07-19 | by ( Lori Ewing | ) www.reuters.com time to read: +5 min

"Us advocates can talk about the value of women's sport, how you should sponsor it and support women's football etc, (but) until people feel it, they really don't know what's in it. Olympic champions Canada will not launch the country's first women's pro league until 2028 but they are still hoping the World Cup will help. 'DO OR DIE'Kara Nortman, a venture capitalist and co-founder of National Women's Soccer League (NWSL) team Angel City FC, knows well what impact the Women's World Cup can have on domestic football. Despite the strength of the United States team, the NWSL was on shaky ground in the lead-up to the 2019 World Cup. "I felt this immense amount of stress and pressure around the 2019 World Cup," Nortman said.

Persons: Rebecca Sowden, Chloe Kelly, tugging, it's, Sowden, Sophie Schmidt, Diana Matheson, It's, Matheson, Kara Nortman, Nortman, Natalie Portman, Oscar, Australia's, Hayley Raso, Lori Ewing, Nick Mulvenney, Peter Rutherford Organizations: SYDNEY, Wembley, England European, FIFA, Football Ferns, Olympic, Canada, Canadian Press, National Women's Soccer League, Angel City FC, United States, E Networks, Heineken, Australia, Manchester City, Guardian, Thomson Locations: France, Canada, Toronto, Vancouver, Calgary, Los Angeles, Wellington Phoenix, Europe, England, Australia

London/Atlanta CNN —Moscow has seized control of the Russian subsidiaries of French yogurt maker Danone and Danish brewer Carlsberg, highlighting risks facing foreign firms that continue to do business in the country. The decision follows a decree Putin signed in April that allows the government to place foreign assets in the country under its temporary control if Russian assets abroad are seized or threatened. At the time, the Russian government took control of utilities owned by German energy company Uniper and Finland’s Fortum Oyj. Baltika is one of the largest consumer goods companies in Russia and employs 8,400 people, according to Carlsberg’s website. Andrey Rudakov/Bloomberg/Getty Images/FileDanone (DANOY) is also in the process of selling its Russian business.

Persons: Vladimir Putin, Baltika, Putin, Russia —, ”, Andrey Rudakov Organizations: London, Atlanta CNN —, Danone, Carlsberg, Russian, Heineken, Nestlé, Unilever, UL, Companies, Baltika Breweries, Breweries, Bloomberg, Getty, Danone Russia Locations: Atlanta, Atlanta CNN — Moscow, Russian, Russia, Ukraine, St . Petersburg

☆ Heineken, Sbarro Pizza, TGI Fridays, and WeWork said they would leave Russia in response to its brutal war against Ukraine. Investigators say it's still business as usual.
▼ + stars: | 2023-07-11 | by ( Brent D. Griffiths | ) www.businessinsider.com time to read: +5 min

Heineken, Sbarro Pizza, TGI Fridays, WeWork, and other companies are still doing business in Russia, investigators found. Investigators downgraded a list of companies, including WeWork, Shell, Heineken, tobacco giant Philip Morris, Mondelez — the maker of Oreos —, Carl's Jr., TGI Fridays, and Sbarro Pizza. Huntsman Corporation, a chemical giant founded by the father of Ambassador Jon Huntsman, said it has working hard to leave the Russian market. The entire list of companies that have left the Russian market can be seen here. A condensed list of the companies that have been downgraded after promising to leave Russia can be read here.

Persons: Jeffrey Sonnenfeld, expeditiously, Philip Morris, Mondelez, Oreos, Carl's Jr, Carl's, Shell, Jon Huntsman, Gary Chapman, Sonnenfeld, Vladimir Putin Organizations: Yale, Heineken, Service, CNN, Investigators, Shell, Huntsman Corporation, Huntsman Locations: Russia, Wall, Silicon, Ukraine, Shell, Heineken, Russian, South Africa

☆ Heineken, Unilever and Oreo maker Mondelez accused of breaking promises to leave Russia
▼ + stars: | 2023-07-10 | by ( Matt Egan | ) edition.cnn.com time to read: +9 min

It’s shameful and unethical.”Sonnenfeld, who has testified before Congress about companies leaving Russia, is not accusing these corporations of breaking the law. ‘Implied endorsement of the Putin regime’The “poster child” for this problem is the popular Dutch brewing giant Heineken, Sonnenfeld said. In March 2022, just one month after the invasion of Ukraine, Heineken won praise for promising to leave Russia. “We expect a significant financial loss to the Heineken company. The Yale research said Mondelez shows “no tangible signs of progress towards exiting” and continues to do business in Russia.

Persons: Vladimir Putin, Jeff Sonnenfeld, Philip Morris, ” Sonnenfeld, “, ”, ‘, Putin, Sonnenfeld, Steven Tian, ExxonMobil –, ” Heineken, ” Mondelez, Mondelez, That’s, Lipton, Mark Dixon, Nestle, Kit Kat, Purina, Sbarro, Carl’s Jr, Carl’s, Yale, Tim Calkins, Calkins Organizations: New York CNN Business, Yale, Heineken, Unilever, CNN, ”, Institute . Yale, BP, ExxonMobil, Nabisco, Kyiv School of Economics, Agency, Nestle, WeWork, Mondelez, McDonald’s, Starbucks, Restaurants Holdings, CKE, Northwestern University’s Kellogg School of Management Locations: Russia, Ukraine, Moscow, Russian, ”, American, South Africa

☆ Royal Unibrew to buy Heineken's Vrumona
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: 1 min

COPENHAGEN, July 3 (Reuters) - Danish brewer and beverage group Royal Unibrew (RBREW.CO) has agreed to buy soft drinks maker Vrumona from Heineken (HEIN.AS) for 300 million euros ($327 million), it said on Monday. Royal Unibrew said in a statement it expected to close the deal in September or October and it would finance it through committed extended financing facilities with existing banks. "Vrumona will become a new growth platform for Royal Unibrew in continental Europe and is expected to drive organic earnings growth in the coming years," CEO Lars Jensen said. Royal Unibrew expects the acquisition of Vrumona, which is located near Utrecht in the Netherlands, be earnings-per-share accretive in 2024, it said. ($1 = 0.9183 euros)Reporting by Louise Breusch Rasmussen, editing by Anna RingstromOur Standards: The Thomson Reuters Trust Principles.

Persons: Royal Unibrew, Lars Jensen, Louise Breusch Rasmussen, Anna Ringstrom Organizations: Heineken, Unibrew, Thomson Locations: COPENHAGEN, Danish, Europe, Utrecht, Netherlands

NEW YORK/LONDON, June 30 (Reuters) - A lackluster IPO market is showing signs of life as a flurry of deals in the United States and Europe raise hopes that a recovery may be in sight. With investors now predicting an end to the Federal Reserve's rate hikes later this year, optimism has resumed. This allowed thrift shop chain Savers Value Village (SVV.N) to raise $401 million in its New York IPO this week, more than it originally set out to. Investors continued to snap up its shares, with the stock closing up 27% on its first day of trading. EUROPE IPOS ON THE WAYIn Europe, three IPOs are on track to be completed by early July, but two of them have already had to moderate their valuation expectations.

Persons: Aloke Gupte, Tom Swerling, Paul Abrahimzadeh, Hidroelectrica, Fondul, WE Soda, Ferretti, Coty, Andrew Briscoe, David DiPietro, Rowe Price, Echo Wang, Pablo Mayo, Elisa Martinuzzi, Mark Potter Organizations: Investors, JPMorgan Chase &, CAB, Kodiak Gas Services, Fidelis Insurance Holdings, Barclays, North America, Citigroup, U.S, Heineken, General, GE Healthcare Technologies, Bank of, Pablo Mayo Cerquiero, Thomson Locations: United States, Europe, Ukraine, New York, London, Africa, Asia, Kodiak, Fidelis, Cava, EUROPE, Romanian, Hong Kong, Milan, East

☆ Offices are turning into amenity-filled campuses to entice employees back to work
▼ + stars: | 2023-06-20 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

Businesses are stuck with trillions of dollars of commercial real estate they need to use. But supply and demand are starting to even out: National demand for office space in May was up 13% from April. But are corporations downsizing the amount of office space they rent as they permanently shift some roles to work from home? Have you seen a shift in the commercial real estate market since the collapse of Silicon Valley Bank and Signature Bank in March? The commercial real estate market is largely a regional business, landlords are local.

Persons: That’s, Bell, Nick Romito, It’s, We’ve, hasn’t, Chris Isidore, Ella Nilsen, Ian, ’ We’ve, Anna Cooban, Greene King, Shepherd Neame, ” Organizations: CNN Business, Bell, New York CNN, US Treasury Department, Federal Reserve, Securities and Exchange Commission, CBRE, Estate Services, Covid, Silicon Valley Bank, Signature Bank, Farm, Allstate, State, Brewers, CNN, Heineken Locations: New York, United States, Silicon, Florida, California, California , Florida, Louisiana, United Kingdom

☆ British brewers reduce alcohol in beers as inflation bites
▼ + stars: | 2023-06-19 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

Since, under UK law, brewers pay less tax on drinks with a lower alcohol content, the newspaper claimed that the companies had pocketed this saving rather than passing it onto customers through lower prices. Brewer Greene King has cut the alcohol content of its Old Speckled Hen pale ale to 4.8% from 5%. In January, Dutch brewer Heineken lowered the ABV content of Foster’s larger — which it sells in the UK — to 3.7% from 4%. Consumer price inflation in the UK remains stubbornly high, reaching 8.7% in April. Inflation has fallen back in recent months, but still clocks in higher than in any other country in the Group of Seven.

Persons: ” Greene King, Greene King, Shepherd Neame, Brewer Greene King, Chris Ratcliffe, Emma McClarkin, ” McClarkin, Mark Carney, Brexit, ”, Carney, revel, “ Organizations: London CNN — Brewers, CNN, Sunday, Bloomberg, Heineken, Beer and Pub Association, “ Brewers, Seven, Former Bank of England, Daily Telegraph Locations: United Kingdom, what’s

☆ Here are 5 key trends shaping the liquor industry as spirits overtake beer for the first time
▼ + stars: | 2023-06-16 | by ( Stefan Sykes | ) www.cnbc.com time to read: +7 min

Jason Koerner | Getty ImagesCHICAGO — The spirits industry is overcoming economic headwinds to meet changing consumer preferences as it chips away at the dominance of beer. Despite supply chain issues and high inflation, the beverage alcohol industry has a lot to toast to these days, said Chris Swonger, president and CEO of DISCUS. "This is a great American success story," Swonger said of the industry's market share supremacy. As the spirits industry works to maintain its top spot this year amid fears of a recession, here are some key trends industry leaders who spoke to CNBC see shaping the business today. The company runs incubator and accelerator programs to develop Black talent within the spirits industry.

Persons: Casamigos, Alo, Jason Koerner, Beer, Chris Swonger, Swonger, We're, George Clooney, Mark Wahlberg, Wahlberg, Aron Marquez, Ryan Reynolds, Sean, Diddy, Combs, Kendall Jenner, Dwayne Johnson, Michael Jordan, David Beckham, it's, Patrick Shorb, Molson Coors, Tobin Ludwig, Pinkard Organizations: Alo Miami, Getty, CHICAGO, CNBC, Diageo, Chicago, Brands, Heineken, Anheuser, Busch InBev, Molson, Hella, Black Locations: Miami, United States, Chicago, Pennsylvania

☆ Carbon Accounting Changes Could Lift Corporate Greenhouse-Gas Emissions
▼ + stars: | 2023-05-18 | by ( Dieter Holger | ) www.wsj.com time to read: +5 min

Changes to emissions accounting rules are being considered that could significantly increase carbon footprints for companies claiming to use 100% renewable power in their efforts to decarbonize. How companies tally greenhouse-gas emissions from their electricity purchases—so-called Scope 2 emissions—was the most popular issue in a recent consultation on updating widely used GHG Protocol carbon accounting rules. A recent review by carbon management firm FlexiDAO of 22 multinationals that bought renewable electricity across 27 countries found that they could be underestimating their electricity emissions by close to 50% under the current system. The GHG Protocol secretariat is reviewing the more than 1,400 survey responses, around 400 of which mentioned Scope 2. Other areas of focus were emissions in the value chain, or so-called Scope 3 emissions, market-based accounting approaches, and corporate accounting and reporting standards.

☆ Budweiser maker's profit jumps as customers absorb higher prices
▼ + stars: | 2023-05-04 | by ( Philip Blenkinsop | ) www.reuters.com time to read: +3 min

[1/3] Bottles of non-alcoholic beer and dishwasher soap are pictured at Anheuser-Busch InBev brewery in Leuven, Belgium November 25, 2019. The maker of Budweiser, Stella Artois and Corona repeated its 2023 forecast that core profit (EBITDA) would grow in line with its medium term outlook of between 4% and 8%, with revenue to grow ahead of EBITDA. He said AB InBev would invest more in Bud Light over the summer. First-quarter results of AB InBev's rivals Heineken and Carlsberg also showed consumer willingness to absorb higher prices. AB InBev's core profit rose by 13.6% on a like-for-like basis to $4.76 billion, compared with the 5.6% average increase expected in a company-compiled poll.

☆ AB InBev profit jumps as consumers absorb higher beer prices
▼ + stars: | 2023-05-04 | by ( Philip Blenkinsop | ) www.reuters.com time to read: +2 min

[1/3] Bottles of non-alcoholic beer and dishwasher soap are pictured at Anheuser-Busch InBev brewery in Leuven, Belgium November 25, 2019. REUTERS/Francois LenoirSummarySummary Companies Q1 core profit up 13.6% vs consensus 5.6%Beer volumes up 0.4%, buoyed by ChinaRetains 2023 forecast of 4-8% core profit riseBRUSSELS, May 4 (Reuters) - Anheuser-Busch InBev (ABI.BR), the world's largest brewer, reported higher than expected first-quarter earnings on Thursday as consumers bought its beers at sharply higher prices. Revenue, however, rose sharply, as the company pushed through price increases and some consumers switched to more expensive beers or package formats. First-quarter results of AB InBev's rivals Heineken and Carlsberg also showed consumer willingness to absorb higher prices. AB InBev's core profit rose by 13.6% on a like-for-like basis to $4.76 billion, compared with the 5.6% average increase expected in a company-compiled poll.

☆ Mexico's FEMSA Q1 revenues surge, driven by strong sales
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +1 min

MEXICO CITY, April 28 (Reuters) - Mexico's FESMA , which controls one of the largest Coca-Cola bottlers and a string of convenience store chains, posted a 22% jump in its first-quarter revenue Friday to 180 billion pesos, driven by strong sales in its key businesses. Sales in the region were seen "widely outpacing the industry," Group CEO Daniel Rodriguez said in a statement. The company's fintech arm, Spin by Oxxo, saw growth of 1.1 million new users in the quarter, taking its total user base to 6.4 million, while total monthly transactions were up 22%. The company's subsidiary, Coca-Cola FEMSA, meanwhile reported a 35% bump in quarterly net income earlier this week following strong growth in Mexico, Brazil, Guatemala and Uruguay. ($1 = 18.0201 pesos by end-March)Reporting by Valentine Hilaire and Noe Torres; Writing by Kylie Madry; Editing by Isabel WoodfordOur Standards: The Thomson Reuters Trust Principles.

☆ Heineken sees Europe resilience offsetting Asia slowdown risk
▼ + stars: | 2023-04-19 | by ( Philip Blenkinsop | ) www.reuters.com time to read: +2 min

The world's second-largest brewer expects its operating profit this year to increase by a mid- to high- single-digit percentage. "We see signals of a relatively resilient Europe and risks of slower economic growth in Asia Pacific, thus performance across markets may be different than anticipated," Heineken said. Overall beer volumes fell 3.0% in the first quarter, below the average expectation of a 1.9% decline in a company-compiled poll. In Nigeria, another large Heineken market, volumes fell sharply due to a transition to new bank notes that left many consumers short of cash. Heineken expected the situation to improve, with the validity of old notes now extended.

☆ Heineken beer sales fall on weak Vietnam, Nigeria drinking
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +1 min

BRUSSELS, April 19 (Reuters) - Heineken (HEIN.AS) reported a steeper than expected decline in first-quarter beer sales, with a sharp decline in major markets Nigeria and Vietnam, but maintained its forecast for profit growth in 2023. The world's second-largest brewer said on Wednesday that business in Europe and the Americas was encouraging, with consumer demand holding up better than expected. However, it described results in the Asia Pacific and the region comprising Africa, the Middle East and Africa as disappointing. The brewer - whose namesake brand is Europe's top-selling beer - said overall beer volumes fell by 3.0% in the January-March period, below the average expectation of a 1.9% decline in a company-compiled poll. The brewer still expects its operating profit this year to increase by a mid- to high- single-digit percentage.

☆ Fact Check-‘Adrenochrome’ keg is an art project, not a Heineken barrel transported by Shell
▼ + stars: | 2023-03-20 | by ( Reuters Fact Check | ) www.reuters.com time to read: +3 min

A keg with “adrenochrome” embossed on its rim was created as part of an art project exhibited in London in 2018; images of the keg have recently been misrepresented online alongside false claims that it is among Heineken barrels filled with adrenochrome and transported worldwide by Shell. The keg image and claims circulated following Feb. 22 reports that Bill Gates bought a 3.76% stake in Heineken Holding NV (here). Reuters could not source the exact photograph in the posts, but it matches others depicting an art project exhibited at the University of the Arts London (UAL) in 2018. Reuters found no credible media reports to support the claim that Heineken barrels were used to transport the substance or that Shell conveyed them. This photograph shows an object created as part of an art project exhibited in London in 2018, not a Heineken barrel transported by Shell.

☆ Carlsberg CEO’s big job is to keep glass steady
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +2 min

LONDON, March 17 (Reuters Breakingviews) - Carlsberg’s (CARLb.CO) new boss is unlikely to tinker with the company’s corporate recipe. The $21 billion Danish brewer on Thursday named Jacob Aarup-Andersen to replace outgoing Chief Executive Cees ’t Hart. A veteran from a rival brewer might have been better placed to introduce new products, and adapt to new industry trends. However, the new boss’s finance pedigree and track record managing businesses suggests that his main job will be to implement the group’s current strategy. It aims to increase revenue by 3% to 5% annually until 2027 and boost operating profit growth above that level.

☆ CATL’s battery ram is losing power
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, March 10 (Reuters Breakingviews) - Chinese battery maker Contemporary Amperex Technology (300750.SZ) posted earnings growth of 61% for the quarter ended December on Thursday. The company led by Robin Zeng boasts unrivalled economies of scale, allowing it to drive down costs for clients including Tesla (TSLA.O). Alas, in China, which accounts for four fifths of CATL’s top line, such dominance is drawing unwanted attention. On Monday, during a meeting between Zeng and Chinese President Xi Jinping, the Party leader expressed mixed feelings about CATL’s 37% global market share. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ WWE girds for insider-betting fight
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, March 9 (Reuters Breakingviews) - Want to bet on a match where the outcome is fixed in advance? The league is in talks with U.S. state gambling regulators to legalize bets on its staged matches, according to CNBC. For WWE the number of insiders may be bigger: Writers, trainers and wrestlers might be among those with an idea of what’s in store. Overseas bettors can already wager on an upcoming six-woman tag WWE team match, the Eurovision Song Contest and Love Island 2023. Meanwhile, the WWE has put itself up for sale, so some theatrical limbering up for future revenue opportunities is a smart way to juice the price.

☆ Bolloré Jr. readies Vivendi for asset purge
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +2 min

But the markdown gives Yannick more latitude to end his father’s ill-fated Italian foray while continuing to play hardball to raise the price tag. Here again, the move will give Bolloré junior more freedom to consider offers from potential buyers, which the European Commission will have to approve. At 70, the elder Bolloré, who remains in charge of the family holding that owns a 30% stake in Vivendi, is gradually implementing his succession plan. At 9.8 euros, Vivendi’s stock fails to capture the value of its various investments and trades below an analysts’ target of between 12 to 15 euros. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Sea sails past growth vs. profitability debate
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, March 8 (Reuters Breakingviews) - Singapore technology giant Sea (SE.N) on Tuesday reported its first ever quarterly profit, beating regional tech firms like GoTo (GOTO.JK) and Grab (GRAB.O) to the punch. The almost $1 billion swing from a fourth-quarter loss in 2021 to a $423 million profit in the final three months of last year is largely down to cost cuts. The company run by Forrest Li slashed sales and marketing expenses alone by $745 million, a whopping 62% drop. Whether that’s sustainable is unclear, though Li pointed out that the company had sold, closed or downsized a number of non-core operations and investments. It’s a welcome sign that upstart tech companies don’t always have to sacrifice profitability for growth.

☆ L&G looks overseas to fight Brexit discount
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +2 min

That’s partly due to its concentration in the life sector – Wilson sold out of general insurance in 2020. L&G’s investment management unit has benefited from an international drive, with non-UK assets accounting for 43% of new money last year. On the life insurance side, some 39% of L&G’s gross premiums were booked overseas in 2022, with the U.S. a particular focus for Brexit-backing Wilson. The less L&G looks like a British company, the more attractive it will be to shareholders. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Carlsberg shares have risen more than 60% during Hart's tenure, outperforming AB Inbev and Heineken, whose shares have dropped around 47% and risen around 45% respectively. Carlsberg's shares fell 3.5% at market open in Copenhagen, but later pared losses and were 0.7% lower at 1118 GMT. "Cees 't Hart has delivered remarkable results during his time at Carlsberg," Supervisory Board Chair Henrik Poulsen said. It is also seeking an option to buy back the Russian business in the future. With only around 16% of revenue coming from Eastern Europe, Carlsberg's biggest markets are Western Europe and Asia.

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